上海市锦天城(北京)律师事务所 关于奥飞娱乐股份有限公司 2023 年度股东大会之 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 北京市 东城区 东长安街1号 东方广场C1座6层(100738) 6/F,Office Tower C1,Oriental Plaza,No.1 East Chang An Avenue,Beijing 100738,PRC www.allbrightlaw.com Fax: +86 10 8523 0699 Tel: +86 10 8523 0688 上海市锦天城(北京) 律师事务所 关于奥飞娱乐股份有限公司 2023 年度股东大会之 法律意见书 致:奥飞娱乐股份有限公司 上海市锦天城(北京)律师事务所(以下简称"本所")接受奥飞娱乐股份 有限公司(以下简称"公司")委托,就公司召开2023年度股东大会(以下简称 "本次股东大会")的有关事宜,根据《中华人民共和国公司法》(以下简称《公 司法》)《上市公司股东大会规则》等法律、法规、规章和其他规范性文件以及 《奥飞娱乐股份有限公司章程》(以下简称《公司章程》)的有关规定,出具本 法律意见书。 为 ...

证券代码：002292 证券简称：奥飞娱乐 公告编号：2024-026 1、本次会议上无否决或修改议案的情况。 2、本次会议上没有新议案提交表决。 3、本次会议不涉及变更前次股东大会决议。 4、已对中小投资者的表决单独计票。 二、会议召开情况 （一）会议召开时间： 奥飞娱乐股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、重要内容提示 1、现场会议召开时间：2024年5月28日下午14:30； 2、网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2024年5月28日9:15—9:25、 9:30—11:30和13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2024年5月28日9：15至15： 00的任意时间。 （二）会议召开地点：广东省广州市天河区珠江新城金穗路62号侨鑫国际金融中心37楼A 会议室； （三）会议召开方式：现场投票和网络投票相结合的方式； （四）会议召集人：公司董事会； （五）会议主持人：副董事长蔡晓东先生； （六）股权登记日：2024年5月 ...

证券代码：002292 证券简称：奥飞娱乐 奥飞娱乐股份有限公司 投资者关系活动记录表 编号：2024-001 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □√业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 ____________ 参与单位名称 投资者 及人员姓名 时间 2024年5月23日15:00-17:00 地点 全景网“投资者关系互动平台”（http://ir.p5w.net） 董事长：蔡东青 董事会秘书：高丹 上市公司接待 财务总监：孙靓 独立董事：刘娥平 人员姓名 公司近日在全景网“投资者关系互动平台”召开了2023年度业绩说明会，与投 资者进行沟通和交流。本次会议主要内容如下: 1. 请问公司通过 IP 衍生的产品销售，但都是以往的 IP 了。公司的经营 IP 也 很单一。请问未来公司如何能够抓住AI人工智能带来的发展机遇，如何能还创新去 ...

2024 年 05 月 06 日 公 研 报 证券研究报告 历经 2020-2022 年内外压力测试下业绩承压，2023 年公司业 绩扭亏为盈，预测公司 2024-2026 年收入分别为 28.79、 30.95、33.75 亿元，归母利润 1.98、2.93、3.90 亿元，当 前股价对应 PE 分别为 53.0、35.8、26.9 倍，公司主业端困 境反转渐显，新增端，伴随 AI 应用年开启，以 IP 为支点 （公司已覆盖全年龄段 IP 矩阵），有望撬动玩具、授权等业 务，AI 加持下有望赋予公司在手 IP 不同形式的生命力，通 过创造新内容、构建新场景、触发新消费助力其 IP 商业价值 再放异彩，进而维持"买入"投资评级。 | --- | --- | --- | --- | --- | |----------------------|------------|-------------------------|-------|-------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 2,739 | 2,879 | 3,095 | 3, ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by over 20% [16][25]. Core Insights - The company achieved a gross margin of 37.72% in 2023, an increase of 6.69 percentage points year-on-year, primarily due to optimized production processes and reduced procurement costs. The toy business, particularly the spinning tops and trendy toys, saw a gross margin increase of 10.37 percentage points to 43.08% [4]. - The company reported a net profit margin of 3.42% in 2023, marking a return to profitability. In Q1 2024, the gross margin further improved to 44.55%, driven by the release of significant animation IPs [4]. - The company is focusing on high-quality content creation and expanding its IP influence through cross-border e-commerce, which is expected to drive long-term growth [22][33]. Financial Summary - The company reported a revenue of 2.739 billion yuan in 2023, a year-on-year increase of 3.1%. The net profit attributable to the parent company was 93.64 million yuan, marking a significant turnaround from a loss in the previous year [32]. - For 2024, the company is projected to achieve a revenue of 3.083 billion yuan, with a net profit of 205 million yuan, reflecting a year-on-year growth of 118.8% [20][32]. - The gross margin is expected to continue improving, reaching 40.3% in 2024 and further increasing to 42.7% by 2026 [20]. Business Strategy - The company is leveraging its IP value through new product launches and international expansion, particularly targeting emerging markets in North America, Europe, and Southeast Asia [22]. - The strategy includes a focus on both product and content exports, aiming to create a robust IP matrix that supports long-term growth [22][33].

证 告 司 2024 年 05 月 06 日 公 研 ▌ 盈利预测 历经 2020-2022 年内外压力测试下业绩承压，2023 年公司业 绩扭亏为盈，预测公司 2024-2026 年收入分别为 28.79、 30.95、33.75 亿元，归母利润 1.98、2.93、3.90 亿元，当 前股价对应 PE 分别为 53.0、35.8、26.9 倍，公司主业端困 境反转渐显，新增端，伴随 AI 应用年开启，以 IP 为支点 （公司已覆盖全年龄段 IP 矩阵），有望撬动玩具、授权等业 务，AI 加持下有望赋予公司在手 IP 不同形式的生命力，通 过创造新内容、构建新场景、触发新消费助力其 IP 商业价值 再放异彩，进而维持"买入"投资评级。 ▌ 风险提示 市场竞争加剧风险；IP 开发不及预期的风险；业绩不及预期 带来商誉减值的风险；业务快速扩张带来的管理风险；新上 玩具销售不及预期的风险；人才资源不足风险；应收账款及 信用资产减值的风险；项目成本控制风险以及项目实施的管 理风险；创新业务拓展不及预期的风险；新技术应用不及预 期的风险；宏观经济波动风险。 | --- | --- | --- | --- | --- ...

Financial Performance - Revenue for 2023 reached RMB 2,738,759,205.55, a 3.09% increase compared to 2022[19] - Net profit attributable to shareholders of the company in 2023 was RMB 93,642,611.74, a significant increase of 154.63% compared to the loss in 2022[21] - Operating cash flow for 2023 was RMB 196,749,888.30, up 33.32% from 2022[21] - Basic earnings per share for 2023 were RMB 0.06, a 150% improvement from the loss per share in 2022[21] - Total assets at the end of 2023 were RMB 5,006,516,051.99, a decrease of 9.10% compared to the end of 2022[21] - Shareholders' equity attributable to the company at the end of 2023 was RMB 3,329,137,723.93, a 1.72% increase from the end of 2022[21] - The company's revenue for Q1, Q2, Q3, and Q4 2023 were 602,343,222.69 yuan, 697,948,458.98 yuan, 719,478,825.18 yuan, and 718,988,698.70 yuan respectively[61] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 2023 were 16,673,884.85 yuan, 43,780,336.87 yuan, 20,968,872.39 yuan, and 12,219,517.63 yuan respectively[61] - The company's non-recurring gains and losses for 2023, 2022, and 2021 were 37,358,103.98 yuan, 28,653,132.90 yuan, and 74,180,122.56 yuan respectively[62] Accounting and Financial Adjustments - The company implemented new accounting standards in 2023, resulting in adjustments to deferred tax assets and liabilities[21] - Deferred tax liabilities amounted to 1,754,967.19 yuan, with no change from the previous period[24] - Undistributed profits showed a negative balance of -797,010,671.87 yuan, with a slight improvement of 271,046.02 yuan compared to the previous period[24] - Income tax expenses decreased by 197,735.63 yuan to -2,191,520.51 yuan[24] - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards[25][26] Fundraising and Investment Projects - As of December 2023, the company's IP resource construction projects had a surplus of 494.01 million yuan, meeting the expected results and conditions for project closure[32] - The company's "Infant and Child Products Expansion Project" and "Auldey Happy World Amusement Park Network Construction Project" had a surplus of 287.63 million yuan as of December 2023[32] - The balance of the company's fundraising account as of December 31, 2023, was 91.35 million yuan, with interest net income of 1,652.44 million yuan and 1,561.09 million yuan permanently transferred out[32] - The company adjusted its fundraising investment plan, reducing the funds required for the IP management and operation system construction project by 4,114.85 million yuan[36] - The company's fundraising account balance as of December 31, 2023, was 1,119.468 million yuan, with interest net income of 727.230 million yuan and 485.828 million yuan permanently transferred out[32] - Adjusted fundraising investment plan by reducing 29.08 million RMB from 13 projects, reallocating to K12-focused projects like "Super Wings 10" and "Balala the Fairies 8"[41] - Reduced investment in "Zhen Hun Jie 2" by 31.27 million RMB, shifting to a platform-produced drama model to enhance IP influence and commercial value[41] - Reallocated 6.64 million RMB from completed projects to other K12-focused projects and used 3.13 million RMB to permanently supplement working capital[42] - Adjusted 9.96 million RMB from completed projects, with 4.99 million RMB reallocated to "Super Wings 11" and 4.97 million RMB used to permanently supplement working capital[42] - Adjusted the investment plan for the "Hip-Hop Adventure World 5" project, reducing the investment by 5.5 million yuan, and reallocating the funds to other projects such as "Sheep Village Guardian 5: Rescue in a Foreign Land 2" and "Sports Hero Legend 2"[43] - Completed and saved 8.4 million yuan from 4 projects under the IP resource construction, including "3D Smart Fun Season 2" and "Sheep Village Guardian 4"[43] - Saved 3.3167 million yuan in net interest income from the completed "Zhenhun Street 2" project, which will be used to permanently supplement working capital[43] - Adjusted the use of funds for the "Auldey Happy World Amusement Park Network Construction" project, reducing the investment from 150 million yuan to 59 million yuan, and reallocating 91 million yuan to the "Anime IP Content Production" project[44] - Terminated the "Toy Product Expansion Project" and "Omni-Channel Digital Operation Platform Construction" projects, reallocating 207.9111 million yuan and part of the net interest income to permanently supplement working capital[44] - Adjusted the total investment and funding amounts for several projects, including "Toy Product Expansion Project" and "Auldey Happy World Amusement Park Network Construction"[44] Subsidiaries and Business Units - The company's subsidiary Guangdong Aodi Animation Toys Co., Ltd. had a revenue of 689,070,000.35 yuan in 2023[69] - The company's subsidiary Dongguan Jinwang Children's Products Co., Ltd. had a net profit of 24,406,984.93 yuan in 2023[69] - The company's subsidiary Shanghai Aofei Network Technology Co., Ltd. had a revenue of 73,044,809.19 yuan in 2023[69] - The company's subsidiary Guangdong Aofei Industrial Co., Ltd. had a net profit of 42,616,422.52 yuan in 2023[69] - The company's subsidiary, Guangzhou Aofei Cultural Communication Co., Ltd., reported a net loss of RMB 32,929,708.71 with total assets of RMB 554,871,725.04 and revenue of RMB 47,919,629.45[83] - Baby Trend, Inc., a subsidiary, achieved a net profit of RMB 22,600,773.50 with total assets of RMB 759,879,304.48 and revenue of RMB 1,056,543,509.84[83] - The company's subsidiary, Guangdong Original Power Cultural Communication Co., Ltd., reported a net profit of RMB 77,691,088.91 with total assets of RMB 169,550,086.20 and revenue of RMB 68,166,776.88[83] IP and Content Development - The company plans to focus on content creation and innovation, expanding user circles, and exploring new forms of content cooperation in 2024[54] - The company will continue to launch new series such as "Super Wings", "Balala the Fairies", "Backkom", and "Armor Hero" in 2024[58] - The company's "Pleasant Goat and Big Big Wolf: The Guardian of the Sheep Village 8" achieved the second place on Youku's daily chart on its premiere day and won the daily champion for 28 consecutive days[57] - The company's new animation series "Quantum Team Dinosaur Guardians Season 2" ranked in the top three on multiple platforms and frequently appeared on CCTV Sofres data rankings[80] - The company aims to expand its IP licensing business in the K12 market, collaborating with game companies and third-party artists to explore younger, trendier markets[76] - The company will focus on high-quality content creation to strengthen the core value of its IPs, building a content ecosystem and learning from past successes and failures[77] - The company plans to explore new forms of content collaboration to increase IP content output and extend the long-tail effect of its IPs[78] - The company's IP-based business model includes light commercialization authorization, content customization, and full-scenario channel integration, leveraging its IP assets across multiple platforms[162] - The company's "Pleasant Goat and Big Big Wolf" collaboration with "Eggy Party" maintained the top spot on the paid charts for 14 days, showcasing the strength of the national IP[171] - The "Pleasant Goat 18th Anniversary Super Culture IP Market" launched a 3.0 model, integrating fans, brands, vendors, and platforms to create a diverse IP ecosystem[171] - The company released two animated films in 2023, "Super Wings: Leddy Accelerates" and "Backkom: Mars Mission," both of which received funding from the 2023 Film Excellence Special Fund Project[170] - "Pleasant Goat and Big Big Wolf" won multiple awards in 2023, including "Most Popular Anime Blogger on Weibo" and "Annual Valuable IP on Douyin Light Anime Plan," with new series episodes surpassing 9000 in popularity on Youku[169] Market and Industry Trends - The global licensing industry reached $340.8 billion in 2022, an increase of 8.02%[121] - The global toy market is shifting towards MESH toys, focusing on mental, emotional, and social health, with China's building block toy market growing faster than the global average[119][120] - China's animation industry is expected to exceed a total output value of 300 billion yuan in 2023, showing significant economic benefits and market potential[139] - The export value of Chinese toys (excluding games) in 2023 was 40.57 billion USD, a decrease from 48.36 billion USD in 2022, but still at a historically high level[143] - TikTok became the fastest-growing live streaming platform for toy purchases in 2022, with its share increasing by 7.3 percentage points year-on-year, while Taobao remained the highest at 37.2%[145] - The proportion of young and middle-aged people (18-40 years old) as the main audience for IP increased from 53.1% in 2022 to 54.7% in 2023[152] - Xiaohongshu saw the fastest growth as a channel for obtaining baby and child product information in 2023, with its share increasing by 5.3 percentage points year-on-year[149] - The domestic toy retail market reached 906.9 billion yuan in 2023, a year-on-year increase of 2.7%[173] - The toy retail market in 2022 was 883.1 billion yuan, with a year-on-year growth of 3.3%[173] - The top five channels for consumers to obtain toy information in 2023 were: 80.00%, 72.20%, 70.00%, 62.70%, and 61.30%[175] - In the trendy toy sector, consumers under 24 years old account for a high proportion, with female consumers exceeding 60%, and plush toys are expected to become a billion-yuan trend[177] - The annual retail sales of licensed goods in China reached 1390 billion yuan in 2023, with licensing fees of 54.7 billion yuan[181] - The age distribution of brand/IP audiences in 2023 showed that 33% were aged 26-35, and 26.7% were aged 18-25[182] - The main cooperation models for licensing business in 2023 were: product licensing (56.2%), brand co-branding (58.8%), and theme space (49.4%)[186] Strategic Plans and Innovations - The company plans to leverage AI technology to enhance content creation and product development, aiming to integrate AI with IP for industrial application[72] - The company will continue to explore the integration of AI technology across more industry chain segments to promote high-quality development through innovation[72] - AIGC (AI-generated content) is driving innovation in content production, improving efficiency, reducing costs, and enhancing user experience, becoming a key focus for future industry development[159] - The company plans to deepen brand licensing and build an IP licensing ecosystem to boost brand sales, aligning with government policies to promote new quality productivity[127] - The company will focus on strengthening its core product categories while expanding into new categories to diversify its product lines and better target core user groups[81] - The company is implementing a dual-brand strategy in the maternal and child market with "Babytrend" and "Auby," focusing on comprehensive care across different growth stages[133] - The company has built a comprehensive "IP+" industrial operation platform covering design, development, manufacturing, and marketing, enhancing brand benefits through diversified development[106] - The company focuses on creating high-quality content and strengthening user engagement with its IPs, including popular series like "Super Wings" and "Pleasant Goat and Big Big Wolf"[132] - The animated film "Super Wings: Leddy Accelerates" gained significant traction on Xiaohongshu and Douyin, while "Backkom: Mars Mission" leveraged viral marketing on Douyin and Xiaohongshu to enhance IP influence[134] - The company's new dinosaur mecha IP "Quantum Team: Dinosaur Guardians" achieved the highest ratings in its time slot within five days of its premiere and ranked in the top 3 for animation ratings during prime time on CCTV[168] - The company's "Auldey" brand has been deeply rooted in the hearts of consumers, with a focus on IP-based toy products and continuous innovation in product categories and channels[192] Operational Challenges and Adjustments - The indoor amusement park business did not meet expectations due to the slow recovery of the children's indoor amusement park industry and weak market demand[44] - Cancelled several subsidiaries, including Guangzhou Xibao Culture Communication Co., Ltd. and Hefei Auldey Animation Culture Development Co., Ltd., with varying impacts on overall performance[47] - The company's net profit after deducting non-recurring gains and losses has been negative for the past three fiscal years, indicating uncertainty in the company's ability to continue as a going concern[24] Corporate Information - The company's registered address was changed in 2020 to the current location in Shantou, Guangdong[13] - The company's stock is listed on the Shenzhen Stock Exchange with the ticker symbol 002292[13] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and major financial newspapers[16]

证券代码：002292 证券简称：奥飞娱乐 公告编号：2024-023 奥飞娱乐股份有限公司 关于举行2023年度网上业绩说明会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 奥飞娱乐股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日在巨潮资讯网 （www.cninfo.com.cn）、《证券时报》、《中国证券报》、《证券日报》、《上海证券报》披露了《2023 年年度报告》等相关公告，为便于广大投资者更加全面深入了解公司 2023 年度经营业绩等情 况，公司定于 2024 年 5 月 23 日（星期四）下午 15:00-17:00 在全景网举行 2023 年度网上业 绩说明会，与投资者进行沟通交流。本次年度业绩说明会将采用网络远程的方式举行，投资者 可登录全景网"投资者关系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长蔡东青先生；独立董事刘娥平女士；财务 负责人孙靓女士；董事会秘书高丹女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提前 ...

（三） 审计报告 第一季度报告是否经过审计 □是 否 公司第一季度报告未经审计。 奥飞娱乐股份有限公司 董 事 会 二零二四年四月三十日 15 | --- | --- | --- | --- | |-------------------------------------------|-------|---------------|----------------| | （一）按经营持续性分类 | | | | | 1. 持续经营净利润（净亏损以 "－"号填列） | | 50,473,931.75 | 15,307,687.53 | | 2. 终止经营净利润（净亏损以 "－"号填列） | | | | | （二）按所有权归属分类 | | | | | 1. 归属于母公司所有者的净利润 | | 50,497,505.46 | 16,673,884.85 | | 2. 少数股东损益 | | -23,573.71 | -1,366,197.32 | | 六、其他综合收益的税后净额 | | -2,757,909.02 | -34,702,885.25 | | 归属母公司所有者的其他综合收益 的税后净额 | | -1,607 ...

2月23日，沪指午后收复3000点，带动盘面修复行情，文化传媒指数领涨wind中国行业指数。截至 14:51，文娱传媒ETF（516190）盘中拉升，涨2.01%，持仓股奥飞娱乐、国脉文化双双涨停。 国盛证券认为，AI文生视频是多模态应用的下一站。文生视频即根据给定的文字提示直接生成视频。 随着文生视频技术的日趋成熟和广泛应用，或将为当下热门的短剧市场带来变数。该技术有望极大降低 短剧制作的综合成本，为解决“重制作而轻创作”的共性问题提供解决方案，短剧制作的重心有望回归高 质量剧本创作。 文娱传媒ETF（516190）是唯一跟踪中证文娱传媒指数的场内ETF，指数成分股50只，涉及视频、直 播、游戏、电影、IPTV/OTT、数字出版、数字营销、在线教育、赛事演出等相关业务反映文化、娱乐 以及传媒主题板块的整体表现。指数十大权重股中包括分众传媒、三七互娱、芒果超媒、昆仑万维等权 重股。 ...